The market has traded in a tight range today ahead of the Fed’s conclusion of its two-day meeting on interest rates. The latest FOMC policy statement is due at 12:30pm (EST) which will be followed by a Q&A session with Fed Chairman, Ben Bernanke.
Futures were pointing towards a positive start and showed a little pop after getting better-than-expected economic news. Durable Goods Orders for March increased by 2.5% versus expectations for a 1.8% rise. The increase for March is also better than the upwardly revised 0.7% increase from the prior month.
There has been a mixed batch of corporate news with some companies painting a better picture than others. eBay (EBAY, $33.33, up $0.25), Green Mountain Coffee Roasters (GMCR, $63.99, down $1.53), RightNow Technologies (RNOW, $32.57, down $1.08), Shutterfly (SFLY, $54.35, down $0.58) and Starbucks (SBUX, $37.12, up $0.52) will report their numbers after the closing bell but today’s action is clearly focused on Big Ben.
There could be fireworks during, or after the Fed Chairman’s press conference and we will send out an alert if anything major is happening to the market or if there is a trend change about to take place. Otherwise, let’s sit back and enjoy the show.
As we head to press, the Dow is up 18 points to 12,613 while the S&P is lower by a point to 1,345. The Nasdaq is flat at 2,847. We will be back in the morning with a full update. Subscribers, check the Members Area for the trade updates.]]>